Month: November 2022

The government informed the National Assembly on Thursday that the country was not importing oil at discounted rates from any country, while matters pertaining to the import of oil and gas from Russia were currently under consideration of the petroleum division. During the session, chaired by Speaker Raja Pervaiz Ashraf, the members congratulated the newly-appointed chief of army staff (COAS) and chairman Joint Chiefs of Staff Committee (CJCSC) and expressed the hope that the new military leadership would amicably deal with the challenges facing the country. In a written reply…

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Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures rose by 28 cents, or 0.33 per cent, to trade at $85.62 a barrel at 0410 GMT. US West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.49pc, from Wednesday’s close to $78.43 a barrel. There was no WTI settlement on Thursday due to the US Thanksgiving holiday. Both contracts were still headed for their third…

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There has been growing uncertainty about the ability of Pakistan to meet external financing obligations with the country in the midst of an economic crisis and recovering from devastating floods Pakistan will repay a $1 billion international bond on December 2, three days before its due date, the governor of Pakistan central bank told a briefing on Friday. There has been growing uncertainty about the ability of Pakistan to meet external financing obligations with the country in the midst of an economic crisis and recovering from devastating floods that killed…

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Siemens Pakistan Engineering Company Limited (PSX: SIEM) announced its financial performance for FY22 ending on September 30, 2022 with a whopping jump in profits. The company’s earnings for the year were up by almost double. It operates in gas & power (G&P), smart infrastructure (SI), and digital industries (DI) divisions. SIEM’s sales revenues increased by 50 percent year-on-year, and the company’s gross profits were seen rising twice during 2022.This rise in gross profits continued to reflect in operating profits and net profits despite higher raw material cost, higher logistic costs,…

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ollowing in the footsteps of other central banks, the State Bank of Pakistan (SBP) is also doing its due diligence on launching its own digital currency, known as the Central Bank Digital Currency (CBDC), and is undertaking the cost and benefit analysis of this venture. SBP Governor Jameel Ahmed shared the development while addressing participants at the ‘1st Pakistan Fintech Forum 2022‘ held at a local hotel on Wednesday. Payments from customers: SBP plans to launch QR Code-based ‘P2M’ system by 2023 “We have examined almost all the jurisdictions that…

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